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Slug : India Energy Reserves
NEW DELHI
India is reinforcing its energy shield to protect against global supply shocks. The government informed Parliament that the nation currently holds approximately 3.372 million metric tonnes of crude oil in its strategic reserves. This represents about 64% of the country’s total storage capacity, serving as a vital buffer during uncertain times.
These massive reserves are managed by Indian Strategic Petroleum Reserve Limited and are tucked away in specialized coastal facilities across Andhra Pradesh and Karnataka. With a total capacity of 5.33 million metric tonnes, these sites act like a national savings account for fuel, ensuring the country doesn’t run dry if international trade routes are blocked.
Minister Suresh Gopi explained that while stock levels fluctuate based on market demand, the government is already planning to double its safety net. Two new storage sites in Odisha and Karnataka were recently approved, which will add another 6.5 million metric tonnes of capacity.
To further reduce risk, India has aggressively changed where it buys its oil. While the Middle East remains important, India now imports crude from 41 different countries, including Brazil, Canada, and the USA. In fact, nearly 70 percent of India’s oil now comes from outside the Gulf region. This diversification is a direct response to tensions in areas like the Strait of Hormuz. By storing millions of tonnes of oil and buying from every corner of the globe, India is ensuring that its economy stays fueled and stable.
